Stores pin hopes on massive price cuts

RETAILERS are pinning their hopes today on a rush to the High Street, wooing reluctant shoppers with sweeping price cuts of up to 70%. Department stores group John Lewis has already declared the worst Christmas in 10 years and, after a dismal run-up to 25 December, a January boom is now many retailers' only hope.

City analysts say that even if business picks up this week, it will still be too little and too late for many stores.

After a slow start on Boxing Day and Monday, the number of shoppers increased by 2.1% yesterday, according to retail research group Footfall.

Sheelah Turner of Footfall described the figures for the first three days of sales as 'encouraging'. However, the group said earlier that numbers were down 5.9% on last year.

Analysts say it is hard to tell how much has been spent and the City will have to await firm figures next week. Retailers thought to have fared poorly include Marks & Spencer, WH Smith and French Connection.